SMSF regulations to allow six members under new legislation

A bill has been introduced into Parliament that partially implements a measure to allow an increase in the maximum number of allowable members in self-managed superannuation funds and small APRA funds from four to six. First floated in the 2018-19 Federal Budget, the...

Fears of Div 7A danger from COVID-relaxed loan repayments unfounded

The ATO has clarified its position regarding loans, and the repayments of loans that may have been put on hold for the period that COVID-19 has a grip on the economy and our lives. An important sidebar to the ATO’s announcement is the implications regarding Division...

New data matching programs initiated by Federal Government

Over the first quarter of this financial year, the government has initiated two new data matching programs, using data that the ATO holds. Data matching involves bringing together data from different sources and comparing it. For example, records from different...